Suppose a record company produces both swing and rhythm & blues music. An increase in the market demand for swing music therefore tends to
A) increase the demand for rhythm & blues music.
B) increase the cost of producing rhythm & blues music.
C) decrease the cost of producing rhythm & blues music.
D) leave the cost of producing swing music unchanged.
B
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The value of U.S. imports is ________.
A. added to exports when calculating GDP, because imports reflect spending by Americans B. subtracted from exports when calculating GDP, because imports do not constitute production in the United States C. subtracted from exports when calculating GDP, because imports do not constitute spending by Americans D. added when calculating GDP, because imports do not constitute production in the United States
An example of a seasonally unemployed worker would be
A) a day care provider who quits his job to go back to school. B) a mother who quits her job to stay home with her children. C) a General Motors employee loses her job because the company is downsizing its work force. D) a software engineer who is laid off because of declining demand for the software he writes. E) a ski lift operator who loses his job when the snow melts in the spring.
Suppose the price of gasoline and other petroleum products decline sharply. Which of the following will most likely occur as a result of the lower petroleum prices?
a. an increase in demand for solar heating systems b. an increase in demand for larger, more powerful automobiles c. an increase in demand for home insulation products d. an increase in demand for gasoline
Which of the following would be strictly a microeconomic topic?
a. a general rise in interest rates b. a drop in inflation c. an increase in total production in the United States d. a drop in the nation's unemployment rate e. an increase in the price of the Ford Taurus